DALLAS, TX, (NAMC) - ULURU INC. ("ULURU") who has signed a definitive merger agreement with Oxford Ventures, Inc. (OTCBB:OXFV) announced the expansion of the European licensing of Zindaclin to include Italy and Spain.
ProStrakan Ltd., the worldwide licensee of our ResiDerm(TM) technology, from which Zindaclin(R) was developed have sub-licensed the marketing rights for Italy and Spain to Cantabria Farmaceutica ("Cantabria") a Spanish company with operations in Southern Europe. Under the terms of the agreement Cantabria paid a licensing fee, will make additional milestone payments on the achievement of commercial milestones and will pay a royalty on product sales.
ULURU, as part of the asset purchase agreement with Access Pharmaceuticals, Inc. ("Access") has assumed the rights and obligations of the licensing agreement with ProStrakan. The agreement with ProStrakan provides for ULURU to share equally all licensing and milestone payments and to receive a royalty on product sales. In accordance with the purchase agreement with Access, the initial payment made by Cantabria was retained by Access, with all future compensation to be received by ULURU.
ProStrakan has established an extensive global network of sub-licensing partners throughout Europe, Eastern Europe, the Middle East, Asia, Australia, New Zealand and Latin America. Zindaclin(R) has been approved for marketing throughout Europe including Italy and Spain where it is anticipated that the product will be launched in the near future. Additionally Zindaclin is approved an marketed in numerous global markets. Further product approvals and launches are anticipated during the upcoming 12 months.
Commenting on the agreement Kerry P. Gray, President and CEO of ULURU stated, "Moving into 2006 the expansion of Zindaclin(R) licensing and marketing activities will provide us with an expanding revenue base. The Zindaclin(R) revenue combined with the projected licensing and product revenues from our OraDisc Range of products and Aphthasol, our approved canker sore medication, should enable the company to generate positive cash flows in 2006."
ULURU Inc. is an emerging specialty pharmaceutical company focused on the development of a portfolio of topical delivery technologies to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative transmucosal delivery system and hydrogel nanoparticle aggregate technology.
